2007
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Hanwha wins $280m Saudi deal
South Korea's Hanwha Engineering and Construction Corporation has won a $280m contract in Saudi Arabia, reported Reuters. The firm is to build a power generation and desalination plant in the kingdom for the Saudi Arabian Mining Company. The facility is due to be completed by mid 2010.
Offshore services for Gulf
The GCC should aim to become a major offshore services hub in order to further diversify its economy away from the energy sector, according to Vikas Verma of human resources consultancy Hewitt Associates and cited by Gulf News. Verma said the Gulf region has several advantages including a young workforce, stable and strong economies as well as a well developed financial and telecommunications infrastructure.
Gulf Capital eyes investment
Regional private equity firm Gulf Capital plans to invest $272m across various industry sectors in 2008, according to its CEO Karim Al Solh and cited by Gulf News. Al Solh said the firm obtains most of its financing from pension funds, banks, insurance companies and family firms. Gulf Capital is looking for a controlling stake in businesses operating in industries such as oil and gas, construction, telecommunications, financial services and logistics.
Iran wants Turkey bank deal
Iran has offered Turkey the opportunity to set up joint banks according to the Trade Promotion Organisation of Iran and cited by the Tehran Times. Following a meeting of the Iran-Turkey Joint Trade Committee in Ankara, the Iranian delegation also gave the green light for Turkish banks to establish branches in the Islamic Republic. Discussions also focused on cooperation between central banks, the setting up of credit lines and bilateral trade.
Veolia wins Fujairah deal
France's Veolia Water has been awarded a contract to run the operations and maintenance side of a reverse osmosis desalination plant in Qidfa, Fujairah, reported Reuters. The facility will generate around 136,500 cubic metres of desalinated water per day. The contract is estimated to be worth around $115m.
Sabic hikes polyethylene prices
Petrochemical producer the Saudi Basic Industries Corporation (Sabic) has said it is to increase the cost of its polyethylene products in Europe by 100 euros per metric tonne, reported the Dow Jones newswires. The hike comes into force on January 1 and will cover all of the firm's high density polyethylene, low density polyethylene and linear low density polyethylene products. Polyethylene is used in the manufacture of plastic pipes and packaging.
Iraq seeks private sector imports
Iraq's Trade Minister Abdul Falah Al Sudani has said the war-torn country is hoping the private sector will take on a greater role in the importation of basic commodities next year, reported Reuters. The government is presently reviewing a rationing system whereby the state allocates the distribution of basic items like wheat across the population of around 28m. A number of importation tenders are expected to be announced in 2008.
Saudi buys into UBS
Saudi Arabian investors have bought a large, unspecified stake in Swiss bank UBS, reported Reuters citing the Financial Times. Singapore's government has also acquired a 9% holding in the lender which has been badly hit by the ongoing credit crisis. The bank has had to write down about $14bn so far and will seek to get backing for the acquisitions at a shareholder meeting in February.
Six in court for Saddam bribes
Six former employees of Australian wheat exporter AWB are to face court action next year over their role in the payment of around $220m worth of kickbacks to Saddam Hussein's Iraqi government between 1999 and 2003, reported the AP. The Australian Securities and Investments Commission has launched a civil action against the executives who face paying millions of dollars in fines if found guilty of breaking corporate law.
Mashreqbank Egypt expansion
Dubai's Mashreqbank aims to open 30 branches in Egypt over the next three years, reported Reuters citing Forbes Arabia. The lender's CEO Abdul Aziz Al Ghurair said ten branches would open next year at a cost of $500,000 per branch. Mashreqbank is also keen on acquiring a 67% stake in the Banque du Caire and it announced its intentions to bid several months ago; potential buyers must submit offers by Wednesday.
ADCB set to buy 25% of RHB
The Abu Dhabi Commercial Bank (ADCB) is set to snap up a 25% holding in Malaysia's RHB Capital, the country's fourth biggest banking group, reported Reuters citing the Business Times. A quarter of RHB would be worth around $919m based on Friday's closing market prices, although the ADCB may pay a 33% premium on this. Japan's Sumitomo Mitsui Banking Corporation is also keen on buying an initial 5% stake.
Vale sets up in Muscat
Brazilian mining firm Vale has opened an office in Muscat in order to support the requirements of its Middle Eastern, North African and Indian customers, reported Gulf News. The firm has a market capitalization of around $150bn and it claims to be the world's leading producer of iron ore. Vale plans to establish an industrial complex in Sohar, including a port and a direct reduction pelletising plant.
Oasis $500m financing deal
The UAE's Oasis International Leasing Company has signed an agreement with eight banks for a $500m corporate facility to finance its growth and diversification plans and to acquire assets on a fast track basis. The fully revolving facility will have a tenure of three years and among the banks that have committed funds are the Abu Dhabi Commercial Bank, the HSBC, the First Gulf Bank and Emirates Bank International.
Emal costs jump 40%
The Emirates Aluminium Company (Emal) is to raise around $7bn to pay for the construction of the first phase of its mega smelter project in Abu Dhabi, reported Gulf News. The sum is around 40% more than the original estimate of $5bn. Emal tied up loans worth $4.9bn just last week, while the firm will borrow $2bn more during the actual construction.
Yanbu investments to hit $43.6bn
Aqili Khawaji, the DG of the Royal Commission for Jubail and Yanbu, has said that the total investment at Yanbu Industrial City should reach $43.6bn within five years, reported Arab News. Khawaji added that investors were looking to pump around $20bn into the petrochemical and metallurgy sectors at Yanbu 2, the new twin of the existing industrial city. The first phase of Yanbu 2 should be ready in 2010.
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